CONSOB notice

The Italian security commission (CONSOB) issued on December 4 2017 a warning summarizing the ESMA statements237, regarding investors and firms:

The speculative nature of ICOs with not easily perceived risks.

The volatility of the values of virtual currencies.

The potential difficulty for investors to redeem them.

Risks related to the inapplicability of controls put in place by European regulations on financial investments.

Potential illicit purposes, such as money laundering or fraud.

The activity of firms may constitute a regulated activity that must be carried out according to regulations on financial investments (the Prospectus Directive, MiFID, AIFMD and the Anti-Money Laundering Directive).